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<Research>Citi: KUNLUN ENERGY (00135.HK) 2025 NP Misses; Retail Natural Gas Unit Profit Drops
KUNLUN ENERGY (00135.HK) experienced a 10.3% YoY decline in net profit to RMB5.346 billion in 2025, 12% below market consensus, Citi Research issued a research report saying. Core ...
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<Research>Citi: KUNLUN ENERGY (00135.HK) 2025 NP Misses; Retail Natural Gas Unit Profit Drops
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KUNLUN ENERGY (00135.HK)  +0.080 (+1.114%)    Short selling $9.51M; Ratio 43.764%   experienced a 10.3% YoY decline in net profit to RMB5.346 billion in 2025, 12% below market consensus, Citi Research issued a research report saying. Core profit decreased by 6.9% YoY to RMB5.923 billion.

Its annual DPS remained at RMB0.3158, with the dividend payout ratio hiking by 5.2 ppts to 51.1%. Notably, the profit before tax from the natural gas sales business fell by 17.6% YoY to RMB6.756 billion, with unit gross profit falling by RMB0.02 to RMB0.45 per cubic meter.

In retail natural gas sales, industrial gas usage grew by 6.2% to 26.05 billion cubic meters, residential gas usage dropped by 4.4% to 3.45 billion cubic meters, commercial gas usage slipped by 2.3% to 2.92 billion cubic meters, and gas station usage descended by 33.5% to 1.09 billion cubic meters.

The decline in unit gross profit was mainly due to the average selling price falling by RMB0.11 to RMB2.73 per cubic meter, while the average procurement cost decreased by RMB0.09 to RMB2.28 per cubic meter.

Therefore, Citi Research kept rating at Buy for KUNLUN ENERGY, with a target price of $8.4.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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